PTC Industries announced that its wholly owned subsidiary Aerolloy Technologies Limited has developed the most advanced casting technology for the production of single crystal and directionally solidified blades and vanes for aircraft engines and industrial gas turbines.

Stock market news: PTC Industries Limited has informed the stock exchanges that it has received approval from its board of directors for a qualified institutional placement (QIP). According to the information provided to the stock exchanges, the board has fixed the floor price per share for the QIP at Rs 13,894.42.

“We would like to inform you that the Listing Committee of the Company on August 28, 2024 approved the floor price for the QIP at Rs 13,894.42 per equity share. The Committee has fixed August 28, 2024 as the ‘relevant date’ for the QIP and accordingly, the floor price of the QIP shall be Rs 13,894.42 per equity share. The Company may offer a discount of not more than 5 percent on the floor price for the QIP so calculated,” PTC Industries said in its exchange filing.

For the unaware, the board of the company has previously approved raising funds of up to Rs 700 crore through Qualified Institutional Placement (QIP). Further, Qualified Institutional Placement (QIP) is a capital raising tool whereby a listed company can issue equity shares to a Qualified Institutional Buyer (QIB).

In addition, PTC Industries informed the stock exchanges that its wholly owned subsidiary Aerolloy Technologies Limited has developed the most advanced casting technology for the production of single crystal and directionally solidified blades and vanes for aircraft engines and industrial gas turbines.